Select Page

Bitcoin (BTC) Attempts to Regain Key Support Area at $34,7000

Bitcoin (BTC) Attempts to Regain Key Support Area at $34,7000
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Bitcoin (BTC) has again approached an important support area near $34,700. After revisiting the $30,000 level last weekend, the price is trying to resume the uptrend.

Regaining this support area or validating it as a resistance again could determine the future direction of the trend.

Bitcoin in the weekly chart

Last week, the Bitcoin price bottomed at $28,600, an area that has not been seen since January 2021. However, a strong rebound and a retest of the $35,000 level followed shortly thereafter.

As a result, a hammer candlestick with a long bottom wick (green arrow) appeared on the weekly chart. It may be a sign of trend reversal.

Moreover, Bitcoin did not record a close below the weekly support level in the $32,250 area (blue line), so technically the structure of the long-term uptrend remains intact.

BTC Chart by Tradingview

The weekly technical indicators are bearish, although signals for a bottoming action can be seen:

RSI is trying to turn around in the neutral area of the 44-48 range. At the same time, the indicator is approaching the long-term support line (blue), which dates back to December 2018 and was second validated during the COVID-19 crisis in March 2020.

MACD is falling sharply, but momentum has been weakening for the past two weeks, with the red bars getting shorter. The indicator has not yet entered negative territory as it did in March 2020.

The stochastic oscillator is in bearish territory below the 20 line and is not providing signals of a possible rebound for now.

2 BTC weekly indicators
BTC Chart by Tradingview

Descending triangle

The daily chart provides a more bullish perspective. Since May 19, the Bitcoin price appears to have formed a descending triangle structure, the base of which coincides with the $30,000 area. This area has already been tested and validated as support several times.

On June 13, there was a false breakout from this structure, validating the $40,500 level as resistance and returning to the bottom of the range. Currently, we see another attempt to break out of the triangle and overcome the key resistance level at $34,700 (blue line).

This level has served as support several times before, while it was confirmed as resistance on June 24. It also coincides with the falling resistance line of the aforementioned triangle structure. A breakout above this area would open the way for a retest of resistance at $40,500.

3 BTC daily triangle
BTC Chart by Tradingview

Technical indicators seem to support the possibility of a breakout. First, the bottom at $28,600 has helped to generate numerous bullish divergences on RSI, MACD and the stochastic oscillator. We see increasing readings on the basic indicators despite the fact that the price recorded a lower low.

Next, the MACD has been generating bars of positive momentum for the past two days and is getting closer to entering positive territory. The stochastic oscillator has reversed from the bearish territory and continues to rise in the neutral area.

The RSI seems most interesting, as the indicator has also rejected the decline into bearish territory, but is currently approaching the long-term resistance line (orange circle). This line goes back to January 2021 and has already been tested four times – most recently during the aforementioned June 13 false breakout. If the RSI breaks through this resistance line, it will be a strong reversal signal.

4 BTC daily indicators
BTC Chart by Tradingview

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

The post Bitcoin (BTC) Attempts to Regain Key Support Area at $34,7000 appeared first on BeInCrypto.


Source: BeInCrypto


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


Select a Sub Category


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber